(MENAFN- Kuwait News Agency (KUNA)) JEDDAH, June 16 (KUNA) -- The GCC finance ministers discussed and approved on Thursday the proposals to impose the value-added tax (VAT) and the selective tax, during the 104th extraordinary meeting of the GCC Financial and Economic Cooperation Committee.

In a statement today, Bahrain''s Finance Minister Sheikh Ahmad bin Mohammed al-Khalifa, head of meeting, said ministers approved the two proposals, adding that some procedural details would be discussed in another meeting.

There are several details and points related to the two proposals that need plenty of time to be fulfilled, he said, noting that they would be ready for implementation by the beginning of 2018.

Money collected after imposing the two types of taxes would help finance infrastructure projects and help GCC states create job opportunities for their citizens and diversify national income as well as to ensure financial stability, he said.

A Kuwaiti delegation, led by Deputy Prime Minister, Minister of Finance and Acting Oil Minister Anas Al-Saleh, took part in the meeting. (end) nh.hm